Husband and wife duo, Lance and Kim Burney, developed a fun way to spice up holiday meals. After Kim’s grandfather passed away, her family wasn’t sure who should cut the turkey on holidays as it was always a special tradition reserved just for him. Because they could never fill the void that her grandfather’s passing left on their family, they decided to start a new family tradition. What started out as a joke, to use power tools to carve the Thanksgiving turkey, quickly transformed into reality when Lance and Kim designed the Mighty Carver. This electric carving knife looks, sounds, and works like a chain saw. It has helped to create fun new family memories for many families just like the Burneys. The Mighty Carver can be used on other foods such as fruits and bread as well.
Currently, Mighty Carver is doing about 90% of its business through retailers. Because the Covid-19 pandemic has highlighted problems with having such a lopsided sales strategy, Lance and Kim are looking for a Shark that can help them acquire more direct consumer business. They have come to the Shark Tank hoping to land a partnership with a Shark who is willing to invest $100,000 in exchange for 20% equity in Mighty Carver.
Would you carve out room for this novelty product? #SharkTank
— Shark Tank (@ABCSharkTank) November 7, 2020
Multiple Sharks were interested in investing in Mighty Carver because they liked the concept of the product as well as their patent protection and their established retail relationships. The Sharks feel that they can help them to increase their digital ad presence and conversions and both Kevin O’Leary and Daymond John extend offers to Mighty Carver. Barbara Corcoran and Mark Cuban were also interested and working on a deal as Lance and Kim negotiated with their fellow Sharks. Lance and Kim countered Daymond’s offer and they agreed to a $100,000 investment in exchange for 25% equity in Mighty Carver.
— Daymond John (@TheSharkDaymond) November 7, 2020
— Barbara Corcoran (@BarbaraCorcoran) November 7, 2020
If you were the Burneys, which Shark would you have chosen to partner with? Do you think that Daymond made a wise decision investing in Mighty Carver? If you were a Shark would you have invested in this company? Start the conversation in the comments below!